Synopsis: Securities and flexible purpose corporations. Provides that
the legislative council shall assign the following topics to an interim
study committee in 2012: (1) The advisability of creating an exemption
from Indiana's securities laws for annual issues of securities whose
aggregate value is less than approximately $1,000,000. (2) The
advisability of providing for a form of business association, sometimes
known as a flexible purpose corporation, which would allow the
management of a profit seeking business to pursue an objective other
than profit maximization without incurring liability for violation of the
management's fiduciary duty.

Effective: July 1, 2012.

Delph

January 4, 2012, read first time and referred to Committee on Rules and Legislative
Procedure.
January 17, 2012, amended; reassigned to Committee on Commerce and Economic
Development.
January 26, 2012, amended, reported favorably _ Do Pass.

January 27, 2012

Second Regular Session 117th General Assembly (2012)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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SENATE BILL No. 62

A BILL FOR AN ACT concerning the general assembly.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: ; (12)SB0062.2.1. -->
SECTION 1. [EFFECTIVE JULY 1, 2012] (a) The legislative
council shall assign the following topics for study to an interim
committee of the general assembly in 2012:
(1) The advisability of creating an exemption to Indiana's
securities laws for issues of securities that do not exceed
approximately one million dollars ($1,000,000) in aggregate
annually and, if so, what additional statutory provisions
would be necessary or advisable to facilitate this proposed
exemption.
(2) The advisability of providing for a type of profit-seeking
business association, sometimes referred to as a flexible
purpose corporation, that would allow the business entity's
management to pursue in addition an objective other than
maximization of profits for its shareholders, partners, or
members without incurring liability for violation of the
management's fiduciary duty and, if so, what statutory
provisions would be necessary or advisable to facilitate this

proposed form of business association.
(b) The legislative council may create separate study committees
to examine any of the topics described in subsection (a).
(c) This SECTION expires December 31, 2012.